The Minneapolis City Council voted unanimously Tuesday to approve the term sheet on a $97 million plan to renovate the Minnesota Timberwolves' home arena of Target Center, which is 23 years old and in need of a facelift.

The deal is between the Timberwolves and WNBA's Lynx, Anschutz Entertainment Group (AEG) Facilities, and the city of Minneapolis. The public-private partnership is a 50/50 split, with half the money coming from the city and half coming from private entities. Minneapolis will contribute $48.5 million to the project, the Timberwolves and Lynx will pay $43 million and AEG Facilities will pay $5.5 million.

After months of negotiations and two Minneapolis City Council Committee meetings, the approval by the Council allows the project to begin moving forward. The first step will be convening a design group to start the process of designing and planning the renovation.

The design of the building will take place this winter, with construction expected to begin after the 2013-14 Timberwolves season.

"I appreciate the City Council approving our project. They have been great partners and I look forward to continuing our strong relationship," said Glen Taylor, majority owner of the Timberwolves and Lynx professional basketball teams. "Now we can look to the future to provide the next generation of Timberwolves and Lynx fans a first-class experience."